Cardano testing major monthly support

Major multi-month level in play
~$0.24 acting as support at monthly support with multiple reactions → a well-established level that has repeatedly attracted buyers, making it technically significant but also increasingly exposed

Pressure from above
Lower highs continue to form → each rally is being sold earlier than the last, showing sellers are becoming more aggressive into strength

Structure still bearish
Clear sequence of lower highs and lows, with price capped by the falling 50 EMA → rallies lack follow-through and trend direction remains firmly to the downside

Compression into support
Descending triangle structure forming → price is being squeezed into support rather than bouncing away from it, often a sign of building pressure

Repeated tests
Multiple touches of support with diminishing reactions → buyers are holding the level, but not pushing price meaningfully higher

Momentum + behaviour
RSI hovering around 50 → reflects indecision, but notably no strong bullish divergence despite being at a major level

What matters here
Hold = likely short-term relief move back toward the descending resistance
Break = confirms bearish structure and opens continuation lower

In Summary
Cardano is testing a major monthly support level around $0.24 that goes all the way back to December 2022, with price compressing into it within a daily descending triangle. Although these patterns can be subjective at best, and considering there are no bullish divergences, this suggests lower prices and a downside resolution is more likely. Lower highs and a clear bearish structure show ongoing selling pressure, while repeated tests suggest the level is weakening. Momentum remains neutral, with no strong buying response despite the significance of the zone. This creates a critical setup, where holding support may lead to a relief bounce, but a breakdown would likely trigger continuation of the broader downtrend.